BTW, if you were Iran, you would DEFINITELY want to develop nukes now. The US/Israeli action tell the Iranians they need to find a military deterrent.
And given countries will look for ways to lessen dependence on Hormuz, that deterrent's sell-by date is clear.
www.bloomberg.com/news/article...
What's striking about that is investors are telling us directly they see less inflation risk:
the breakeven inflation rate between inflation-protected Treasuries and normal ones have plunged and the premium investors want for holding those riskier long-dated assets has declined too.
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My take on Warsh yesterday: the bond market reaction is proof that a more hawkish tone can help lower long-term yields.
30-year Treasury yields are now 3/10s of a percentage point lower than their May high as expectations of rate cuts have turned to rate hikes.
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“Just 36% say they approve of Trump's overall job performance, while 59% say they disapprove, which is the widest gap Trump has faced during either term in office.”
www.npr.org/2026/06/18/n...